AT&T Wireless Reports Strong Second Quarter Net Income of $0.08

AT&T Wireless Reports Strong Second Quarter Net Income of $0.08

Post by Monty Solomo » Fri, 25 Jul 2003 10:43:36

OIBDA Increases 16 Percent to Record $1.2 Billion
OIBDA Margin Rises to 30.1 Percent
Services Revenue Grows 8.7 Percent
Operating Free Cash Flow Hits $546 Million

REDMOND, Wash., July 23 /PRNewswire-FirstCall/ - AT&T Wireless
(NYSE:AWE) today reported strong second quarter financial results,
with steady revenue per user and a growing customer base setting the
stage for an increase in services revenue of 8.7 percent to $3.939
billion compared to $3.625 billion in the second quarter of 2002.

Earnings per share (EPS) was $0.08 for the quarter compared with $0.01
in the year-ago quarter.  The company said its strong EPS performance
in the quarter resulted from a continued focus on expanding margins by
growing revenues and controlling operating expenses.

Second quarter OIBDA (defined as operating income before depreciation
and amortization, and previously referred to as EBITDA) was a
single-quarter record at $1.186 billion, an increase of 16.3 percent
over the same period last year.  (See Attachment A)

OIBDA margin also set a single-quarter record, reaching 30.1 percent,
an increase of 200 basis points over the same period last year.  The
company said it remains focused on further improving its margins to
industry leading levels.  (See Attachment A)



1. Avaya Reports Third Fiscal Quarter Net Income of $8 Million

- Company Earns 2 Cents Per Diluted Share On A GAAP Basis
     - Cash Balance Increases For Fourth Straight Quarter To $843 Million
     - Net Debt* at Lowest Level Since Avaya's Inception

BASKING RIDGE, N.J., July 24 /PRNewswire-FirstCall/ -- Avaya Inc.
(NYSE:AV), a leading global provider of communications networks and
services for businesses, today reported third fiscal quarter results
in accordance with generally accepted accounting principles (GAAP).

The company reported net income of $8 million and earnings per diluted
share of 2 cents for the third fiscal quarter ended June 30,
2003. These results compare to a net loss of $41 million or a loss of
11 cents per diluted share in the second fiscal quarter of 2003.

Third fiscal quarter revenue of $1.072 billion was slightly below
second fiscal quarter revenue of $1.081 billion.

In the third fiscal quarter of 2002, Avaya reported a net loss of $39
million or a loss of 11 cents per diluted share on revenue of $1.219

Avaya noted its cash balance increased for the fourth straight quarter
to $843 million. Net debt* decreased to $150 million and is at the
lowest level it has been since the company became an independent
business. Selling, General and Administrative expenses declined $22
million sequentially from the second fiscal quarter and $51 million
from the same period last year.


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